Tamarack Valley Energy's Q4 2023 EPS Rises YOY; Outlines Increase In 2023 Reserves
08:16 AM EST, 02/28/2024 (MT Newswires) -- Tamarack Valley Energy Ltd. (TVE.TO) reported Wednesday a diluted EPS of $0.10 in the fourth quarter of 2023, rising from $0.09 a year ago.
Oil and natural gas sales slipped 1% to $418.9 million while adjusted funds flow slid to $0.35 per diluted share from $0.36.
For full-year 2023, the company's diluted EPS sank to $0.17 from $0.74 while sales rose to $1.7 billion from $1.5 billion.
Adjusted funds flow dropped to $1.37 per diluted share from $1.57 per diluted share.
"Tamarack completed its strategic transformation in 2023, integrating the three corporate Clearwater acquisitions that closed in 2022 and divesting our non-core west central Alberta Cardium assets, affording our team the ability to focus on our core Clearwater, Charlie Lake and EOR assets," President and CEO Brian Schmidt said.
"Most importantly, we delivered on a key commitment to our shareholders to reduce our net debt and achieved the first threshold of our enhanced return of capital framework with share buybacks commencing in January 2024."
The company also outlined an increase in its 2023 reserves, with proved developed producing reserves rising 15% to 63.9 million barrels of oil equivalent.
Total proved reserves increased 18% to 127.8 million barrels of oil equivalent while total proved and probable reserves grew 13% to 224.3 million barrels of oil equivalent.
Meanwhile, the company maintained its 2024 production guidance range of 61,000 to 63,000 barrels of oil equivalent per day. It also promoted Rocky Baker to vice president for marketing.